Part of what started the whole cryptocurrency movement was a desire for more anonymity online. When buying things online with credit cards, PayPal, or bank transfers, you're putting some of your personal information out there and giving it to others. Bitcoin was founded as an alternative to that, offering scrambled hashes as payment addresses, with zero bank information required. It still wasn't private enough for some, and others had problems with its transaction speed and high learning curve.

That's why NavCoin was created, as a way to address those problems. Based initially on Bitcoin, it's become its own currency.

Using our guide below, you'll get acquainted with what NavCoin is and how it works. And if you're looking for more great altcoins to consider investing in, check out our picks for the 2019 year.

NavCoin: The Basics

NavCoin was founded in 2019 as an alternative to Bitcoin, and while it's older, it hasn't had the same traciton that other coins have had. Even younger coins like Monero and Dash have drummed up millions of dollars in fundraising and developed dedicated user bases. If NavCoin can make good on its recent promises to improve user-friendliness, though, it might soon catch up to them.

The NavCoin code is based on Bitcoin's, with some notable changes: their NavTech subchain that grants additional anonymity through coin mixing and other anonymization; their transaction speed; and lastly their mining algorithm, which uses proof-of-stake rather than proof-of-work.

Improving Transaction Times and More

One of NavCoin's main focuses, as mentioned above, is its dedication to speedy transaction times. Bitcoin takes ten minutes for every new block confirmation, at which point a transaction can be written into the ledger. NavCoin, on the other hand, only takes 30 seconds. It's also faster than similar privacy-based coins like Zcash, which takes two and a half minutes.

If you think there must be a trade-off, and that these quick transaction times must come with an increase in fees, you're wrong: NavCoin's fees average around .0001 NAV per regular transaction (although prices go up when you do private transactions).

NavCoin has its sights set on improving the scalability of the platform so that the network can handle more transactions without sacrificing speed or processing power. They do this through a combination of using proof-of-stake, using SegWit to reduce block size, and the future (hopeful) use of Lightning Network.

Privacy and NavCoin

NavCoin wants to offer a truly anonymous, privacy-focused currency, but not so that people can make illicit deals. It's to prevent any kind of bias on the network, making it so that one NAV is as good as another since their purchase and owner history isn't recorded.

The anonymity feature of NAV is optional. When you choose it, your transactions will happen on the aforementioned subchain, NavTech, where the coin(s) are sent. The coins are mixed up and exchanged with others on the subchain, until the ones that end up with the recipient aren't the same as the ones you sent out. This is basically coin mixing.

The Valence Project

The team behind NavCoin have another project going called Valence, a platform that will work with NavCoin and not only power NavTech's subchain, but allow for the support of decentralized apps (dApps). The Valence project should end up allowing developers to write directly onto the Valence blockchain, as opposed to other platforms that use virtual machines for powering dApps.

Valence is a big project, and when it's finally released, it'll be interesting to see if they pull it off.

Mining NAV

Bitcoin uses proof-of-work, where miners use their computers to solve complex math problems, after which new blocks are created and Bitcoins are given out as rewards. NavCoin uses proof-of-stake, where miners put up some of the NAV coins as a “stake” before they can create a block, and when the network confirms the block, you get more NAV in reward. This prevents people from making false transaction claims, since those blocks won't get ratified, and you'll lose your stake.

The NAV Token

Not a lot of people have NAV. Despite being around since 2019, NAV coins are only held in a little over 1000 wallets. Several exchanges have NAV available to trade, including Binance, Bittrex, and Upbit. The price spiked a couple times in January and February, hitting almost $5, before gradually sinking and evening out around $1.82, where it is currently.

NAV is meant to be used as a standard cryptocurrency, but it's possible that few will accept it due to the low number of users.

Buying NAV

Right now, the best place to get NAV is on Binance, where half of all the NAV trading is happening. The other major places that trade NAV are Poloniex, Bittrex, Cryptopia, and Upbit. If you prefer a more direct approach, you can buy NAV from the company directly with your credit card. The ability to buy a cryptocurrency with fiat is rare indeed, so it might be worth it for some to take advantage of it for that reason.

Storing NAV

NavCoin has their own wallet for storing your NAV. The project's website has a page for downloads where you can get your hands on the software necessary. If you prefer, you can also use a paper wallet to store it, using the website. This isn't always preferable though, since paper wallets can be left out, forgotten, lost, or stolen.

The Team Behind NavCoin

Encrypt S Ltd is the name of the group behind NavCoin, but they're not the only ones. Since NavCoin is open-source, almost anyone can help out where they want, developing code or anything else the project needs. Despite being around for a while with little fanfare, NavCoin has constant updates, sometimes on a weekly basis, showing the team's dedication to the project.

NavCoin vs Monero

These projects are both focused on providing people currencies that are fast and anonymous. Monero has that last feature built in, though, while NavCoin offers it as an option. Both offer their own wallets, and both prevent private information from being released in transactions. NavCoin uses proof-of-stake, while Monero uses proof-of-work. NavCoin plans to have dApp support through its Valence project, while Monero seems to be content offering a secure and untraceable cryptocurrency only.

NavCoin vs Verge

Both of these platforms offer cryptocurrency that's anonymous, allowing users to maintain their privacy. Both have made a point to not only offer this option to people, but to do it in a user-friendly way that makes it easily accessible the average person. Both were based on Bitcoin, and both are open-source. Verge is available on many different exchanges and seems to have a wider userbase, while NavCoin is available only on a few, and has comparatively few people using it. NavCoin plans to have dApps support, though, while it's not clear if Verge has similar plans.

NavCoin vs Pivx

Once again, we have two blockchain-based cryptocurrencies that want to offer people a safe, private, anonymous coin to use for transactions. Both of them use proof-of-stake, as opposed to Bitcoin's proof-of-work algorithm. Pivx offers rewards to nodes that process transactions in addition to rewards for staking on new blocks, while NavCoin seems to only offer rewards for staking on new blocks. Pivx has more of a focus on community, as well, while NavCoin (though open-source) doesn't seem to put as much of a focus on it.

Frequently Asked Questions

Is there NavCoin mining?Yes, done via proof-of-stake.

Where can I read NavCoin news?
Twitter, Reddit, and crypto blogs.

Where can I buy NavCoin?
The main website, along with the exchanges that host it.

Is there a NavCoin thread on Reddit?
Yes, several.

Is there a NavCoin wallet?Yes.

What predictions are there for NavCoin?
The more they reach out to the community and unveil new features, the price could be affected.

Where can I read a review of NavCoin?
Crypto blogs, Reddit, or Medium.

What's the price prediction for NavCoin?
Hard to say, but it'll change based on the new features and developments they roll out.

What is NavCoin?
A cryptocurrency that focuses on anonymity in transactions.

Is there a NavCoin Twitter?Yes.

Is there a NavCoin wallet for Android?Yes, NavPay.

Does NavCoin use staking?
Yes, in mining.

What's the price of NavCoin?Around $1.81, last we checked.

How do you mine NavCoin?Via a proof-of-stake algorithm.

Is NavCoin an exchange?No.

Conclusion

As people become more and more aware of how their information can be misused or stolen, privacy on the internet has turned into an important issue. NavCoin understands this and offers a secure way to send and receive money so that your transactions can be as private and untraceable as possible. It's not the biggest privacy-centered coin out there, though – other coins like Monero, Dash, an Enigma are just a couple – and even though it's been out longer than most cryptocurrencies, it's still a relative unknown.

Get the best of About VKool in your box.Get the best of About VKool in your box.

Advertising Disclosure

Displayed content is offered by businesses which have been compensated. There is a potential effect on how, what, and where products may appear. All effort is made into providing full transparency, not all available products or companies are highlighted. Published material is offered without any slant or bias no matter what affiliation there is with sponsorship or association.